Check the interest rates of different banks before you open a fixed deposit. Even a small difference of 0.50% can increase your savings a lot. Many people think a small change in rate does not matter, but it gives more profit.
For example, if you invest ₹5 lakh for three years and the bank gives 0.50% more interest, you earn around ₹7,500 extra. If you invest ₹10 lakh, you get about ₹15,000 more. A small difference in rate can help you earn more money over time.
Banks give 0.50% extra interest to senior citizens. This extra interest helps them earn better returns on their savings.
Fixed Deposit Interest Rates for Senior Citizens
HDFC Bank
HDFC Bank gives 6.95% interest on three-year fixed deposits for senior citizens. General customers get 6.45%, which is 50 basis points less.
ICICI Bank
ICICI Bank offers 7.1% interest on three-year FDs for senior citizens. General depositors get 6.6%.
Kotak Mahindra Bank
Kotak gives 6.90% interest on three-year FDs for senior citizens. General depositors get 50 basis points less.
Federal Bank
Federal Bank offers 7% interest on three-year deposits for senior citizens. General customers get 6.5%.
State Bank of India (SBI)
SBI gives 6.8% interest on three-year FDs for senior citizens. General depositors get 6.3%, which is 50 basis points less.
Canara Bank
Canara Bank offers 6.75% interest on three-year deposits for senior citizens. General customers get 6.25%.
Union Bank
Union Bank gives 7.1% interest on three-year FDs for senior citizens. This is 0.50% higher than general customers.
Summary
All these banks give extra benefits to senior citizens with slightly higher interest rates. If you opening an FD, you must compare the rates of different banks and choose the best one. Choosing the right bank will help you earn more from the same amount and strengthen your savings for the future.